Union Budget 2012-2013: Overview of the economy

  • GDP growth estimated at 6.9 per cent in real terms in 2011-12. Slowdown in comparison to preceding two years is primarily due to deceleration in industrial growth.
  • Headline inflation expected to moderate further in next few months and remain stable thereafter.
  • Steps taken to bridge gaps in distribution, storage and marketing systems have helped in more effective management of inflation.
  • Developments in India’s external trade in the first half of current year have been encouraging. Diversification in export and import market achieved.
  • Current account deficit at 3.6 per cent of GDP for 2011-12 and reduced net capital inflow in the 2nd and 3rd quarters put pressure on exchange rate.
  • India’s GDP growth in 2012-13 expected to be 7.6 per cent +/- 0.25 per cent.
  • Deterioration in fiscal balance in 2011-12 due to slippages in direct tax revenue and increased subsidies.
Last Update Friday 16th March 2012     

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